Another narrative: employment was up and workers were gaining power. Out of nowhere, JP Morgan Chase chairperson started going to meetings and talking about a recession, over and over. Other businesses took his lead and started raising prices. After a while we're no closer to a recession, but we have lost a lot in standard of living.
this post was submitted on 18 Dec 2023
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When a handful of corporations control entire industries, capitalism stops working.
It's supposed to be a bunch of competitors trying to get as many sales as possible by having the lowest prices or highest quality.
But in the current economy, if a corporation raises their prices across the board, the rest raise their prices. The only times they lower prices, is straight to a loss to force small competitors out of business. The large corporations can deal without profits for six months, smaller companies go under and often have to sell to the giant corporations.
This cycle has been repeating for decades, it's not hard to notice it
The only solution is breaking up those giant corporations. Republicans sure as shit won't do it, but neither will the moderate wing of the Democratic party. It would cut into their donations too much.
If anything in the economy is "too big to fail" the solution is breaking them up, not bailing them out whenever necessary.
When a handful of corporations control entire industries... that is capitalism. Capitalism isn't some self-correcting system that benefits all, its a system that supports and benefits those who make the most profit possible. When companies have less competition and more control, they're better able to make money. And thus, are better at capitalism.
This isn't capitalism failing to function, this is capitalism working as intended. The "free-market" is an illusion created on hope and delusion.
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It also stops working when the vast majority of the population lacks capital. The recent experiments with a UBI in Kenya show this pretty well. Folks who decided on a lump-sum payment rather than monthly invested in creating businesses and were better off.
I mean, there's been studies in America too.
Give an average American a dollar and it boost the local economy by more than a dollar.
They tend to already have things they're saving up for, and spend it at local businesses.
Give the wealthy a dollar, and they hide it in Panama. Remember that big thing where we found out they all do it and then nothing happened?
That money never gets spent, it sits in a bank somewhere anonymously and is often permanently removed from the economy.
Worse is when that rich man's dollar gets dumped into real estate, directly harming everyone else by making housing even more unaffordable
We do have to constantly remind ourselves that the ultra rich aren't bound by any boarders and have no loyalty to any government.
Why do people even try to say nothing happened with Panama papers. I'll be the person this time and every time that shows LOTS has happened. From nearly day 1.
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There's a rather long history of it taking a recession to stop inflation. That it didn't this time is a very big deal.
It’s pretty basic supply and demand. Inflation historically goes up in an economy when a lot of people want to buy stuff, and that stuff is in limited supply.
Workers had cash and stimulus money = higher demand
The pandemic fucked with good manufacturing, and transport = reduced supply
When there is less of something, and people have money, they’re willing to pay more to get their hands on the scarce thing. Companies pay more for chips, or to have first dibs on something from the port, and that increased cost is passed along to the consumer.
Are we really still pretending the "stimulus" money of a whopping1400 actually had an impact for 99% of people?
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Cool. Now lower interest rates so I can at least dream about the prospect of owning a house again.
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I can't pay my bills and I'm eating peanut butter sandwiches so I don't starve.
Yay, we avoided recession.
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that way out: pretend the stock market is the only thing that matters.
fuck these people
A recession is a specific problem; avoiding a recession does not mean that all economic woe is alleviated.
To throw out a shitty analogy, stating that a hurricane hasn't happened doesn't mean that there hasn't been any bad weather at all.
No, they're looking at a broad set of measures of economic well-being. The stock market is only one metric.
What they've done is pretty amazing, even if it doesn't roll back the Reagan redistribution in favor of the wealthy, which would require congressional action.
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It might take another six months before it is felt across the board, but prices are noticeably lower than last year in Colorado.
That doesn't mean your wages are high enough for you to afford the lifestyle you want.
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I mean - there are no guarantees. Everyone claiming we are out of the woods, but if inflation stays above 3% the fed isn’t going to lower rates very fast. We could see a recession hit.
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